KENNEDY: PAIN AT THE PUMP MAKE
ITS GRAND RETURN JUST BEFORE THE
MIDTERMS.
THAT’S CONVENIENT.
GAS PRICES EXPECTED TO RISE
AFTER OPEC MEMBER NATIONS AGREED
TO CUT GLOBAL OIL PRODUCTION BY
2 MILLION BARRELS A DAY.
PRESIDENT BIDEN LOVED TAKING
CREDIT WHEN PRICES WENT DOWN,
BUT THE WHITE HOUSE IS BUSY
BLAMING RUSSIA WHEN THEY GO UP.
WATCH.
>> Reporter: YOU SAID THE
PRESIDENT WAS RESPONSIBLE FOR
GAS PRICES COMING DOWN.
IS THE PRESIDENT RESPONSIBLE FOR
GAS PRICES GOING UP?
>> SO IT’S A LOT MORE NUANCED
THAN THAT, RIGHT?
THERE HAVE BEEN GLOBAL
CHALLENGES THAT WE HAVE ALL HAD
DEALT WITH.
THERE’S BEEN PANDEMIC AND
THERE’S BEEN PUTIN’S WAR.
AND PUTIN’S WAR HAS INCREASED
GAS PRICES AT THE PUMP.
KENNEDY: REMEMBER THAT SUCK-UP
FIST BUMP IN SAUDI ARABIA?
BIDEN GROVELED FOR OIL
PRODUCTION, AND THE SAUDIS
SNUBBED US.
WHAT WAS THE POINT OF THAT WHOLE
TRIP?
HERE WITH ME NOW, MAX FUNDS.COM
COFOUNDER AND FOX NEWS
CONTRIBUTOR JONAS MAX FERRIS.
SO, JONAS, NORMALLY WHEN WE’RE
ENTERING GLOBAL UNCERTAINTY AND
A POSSIBLE RECESSION, ISN’T THAT
WHEN ENERGY PRICES TYPICALLY
COME DOWN?
WHAT ARE WE SEEING?
>> AND THEY WERE COMING DOWN.
THERE WAS ALMOST $130 A BARREL
AT ONE POINT, AND THEN THE FED
STARTED RAISING A RATES TO COOL
THE OVERHEATED, HIGH
INFLATIONARY ECONOMY, AND OIL
WAS COMING DOWN.
YOU SAW IT AT THE PUMP.
BUT NORMALLY, IT WOULD KEEP
COMING DOWN AND PROBABLY GET TO
$50 A BARREL, AND THE INFLATION
WOULD GO AWAY.
BUT OPEC IS NOT GOING TO ALLOW
OIL TO GET THAT A CHEAP BECAUSE
THEY MADE A DECISION TO CUT OIL
PRODUCTION AT AN ALREADY TIME
WHEN YOU GENERALLY WOULDN’T DO
THAT WHICH IS KIND OF HIGH
PRICES.
YOU’D ACTUALLY WANT TO TRY TO
MAKE MONEY THAT.
BUT THERE’S A LOT OF REASONS
THEY’RE DOING IT, AND SOME OF
THEM ARE MORE SINISTER THAN
OTHERS.
ON ONE SIDE, WE’RE NOT VERY
FRIENDLY WITH MOST OF THE MAJOR
PRODUCERS.
WE’VE GOT SOME ARGUMENT WHETHER
IT’S IRAN OR RUSSIA OR SAUDIS,
VENEZUELA, AND YOU NEED SOMEONE,
YOU KNOW, THEY ALL GET ALONG ON
SOME LEVEL.
THEY HAVE THEIR OWN PECK
PRODUCTION ARGUMENTS, AND WE
WANT ONE OF THEM TO KICK IN OIL,
AND THEY DON’T REALLY CARE ABOUT
US.
THEY CARE ABOUT THEIR
ORGANIZATION THAT IS DESIGNED TO
MAINTAIN A HIGH ENERGY PRICE
WHICH THEIR COUNTRIES CAN MAKE
AS MUCH MONEY AS POSSIBLE.
IT MAKES -- I DON’T WITH
UNDERSTAND WHY BIDEN’S SO
SURPRISED BY THIS.
THEY ARE HELPING THE RUSSIANS IN
THIS CASE AND THEMSELVES SELL AT
A HIGH PRICE AND KEEP THE FLOW
OF MONEY GOING IN TO COUNTER THE
RECESSION.
WE’RE SORT OF TRYING TO CAUSE
BUT ARE SCARED TO REALLY CAUSE
TO FIGHT INFLATION.
KENNEDY: ALL RIGHT.
SO HOW DO DO YOU BRING DOWN
DEMAND IF WE’RE ENTERING INTO A
SEASON WHERE PEOPLE NEED TO HEAT
THEIR HOMES?
HERE IN THE UNITED STATES,
WESTERN EUROPE, ALL OVER THE
WORLD, DEMAND IS ONLY GOING TO
GO UP.
HOW DO YOU TEMPER THAT?
>> INTERESTING.
ONE OF THE REASONS I THINK
THEY’RE DOING THIS RIGHT NOW IS
WE’RE KIND OF RUNNING OUT OF
EXCESS OIL THAT WAS IN THIS SPR
WHICH WE SHOULDN’T HAVE BEEN
TAPPING THIS AGGRESSIVELY.
THIS PUTS US IN A DANGEROUS
POSITION.
AND NOW THAT WE’RE RUNNING LOW
ON THAT, IF THEY CUT SUPPLY --
ANOTHER REASON IS THE WEST, THE
E.I. REGION, IS TRYING THIS
BIZARRE WAY OF CAPPING THE PRICE
YOU CAN PAY FOR RUSSIAN OIL AND
GAS WHICH DOESN’T MAKE ANY
SENSE, NIXONIAN IN STYLE.
AND IF YOU ARE IN THE OIL
BUSINESS, A COUNTRY IN OPEC, THE
WORST THING YOU WANT TO HEAR IS
YOU’RE CAPPING THE PRICE OF OUR
PRODUCT?
GUESS WHAT, WE’RE TO GOING TO
CUT THE PRODUCTION, AND THAT
WILL COUNTER WHATEVER CAP YOU
THINK YOU’RE GOING TO DO,
BECAUSE NOW WHERE’S YOUR OIL
GOING TO COME FROM?
ASK THEN THE OIL PRICE IS GOING
TO TO GO TO A HIGHER PRICE, AND
THEY’RE GOING TO HAVE TO GET IT
FROM RUSSIA.
THE OTHER ORGANIZATION -- IF
YOU’RE AN ORGANIZATION THAT’S
GOING TO TO CRIMP THE SUPPLY TO
MAINTAIN A HIGH PRICE, WE WOULD
HAVE TO ORGANIZE AS EUROPE AS
THE DEMANDERS, PRIMARILY
ALTHOUGH WE PRODUCE A LOT OF
OIL, AND PRODUCE AND DEMAND
LESS.
THAT DRIVES THE PRICE DOWN.
WE COULD DO IT THIS EXPENSIVE
WAY WITH HIGH INTEREST RATES
WHICH IS GOING TO CAUSE A REAL
ESTATE CASH -- CRASH, BUT AT THE
END OF THE DAY, YOU WANT TO
REDUCE -- WE’RE DOING THE
OPPOSITE.
ALL THE STATES, CALIFORNIA,
FLORIDA NOW DOING GAS TAX
HOLIDAYS, GIVING YOU MONEY TO
BUY MORE GAS.
THE U.K., WHO’S MAKING A
COMPLETE MOCKERY OF ECONOMICS
AND IS A JOKE RIGHT NOW IS
BASICALLY PAYING YOUR POWER
BILL, BECAUSE IT GOT TOO HIGH.
THAT’S THE OPPOSITE OF WHAT OPEC
IS DOING.
WHAT YOU’RE SAYING IS WE’RE
GOING TO PAY FOR THE BILL THAT’S
HIGH TO RUSSIA AND TO SAUDIS AND
VENEZUELA BECAUSE WE DON’T WANT
YOU TO CON ASSUME LESS VOLUME,
BUT ULTIMATELY WE HAVE TO
CONSUME LESS VOLUME IN THE SHORT
RUN, WE NEED LONGER TERM
STRATEGIES FOR MORE PRODUCTION
BUT IN THE SHORT RUN WE WOULD
HAVE TO HIT DEMAND, NOT
SUBSIDIZE IT, AND THEN
ARBITRARILY TRY TO CAP THE PRICE
OF RUSSIAN OIL.
THIS IS NOT ECONOMICALLY HOW YOU
SOLVE THIS PROBLEM.
THEY’RE ACTUALLY MAKING SENSE.
WE’RE THE ONES WHO CAN’T MAKE
SENSE BECAUSE WE’RE SCARED OF
THE VOTERS IN ALL THESE
COUNTRIES, AND WE DON’T WANT TO
TELL THEM THAT YOU HAVE TO
CONSUME LESS ENERGY WHILE WE’RE
IN THIS PROBLEM OVER --
KENNEDY: YES.
AND IF AS DANIEL TURNER HAS
POINTED OUT, A RECESSION IS THE
WORST WAY TO SEE DEMAND IN THE
ENERGY MARKET.
I MEAN, THAT’S THE LAST WAY YOU
WANT PRICES TO COME DOWN.
BUT IT MAY COME TO THAT.
I JUST HOPE AT SOME POINT THE
WHITE HOUSE, YOU KNOW, THEY’RE
SO BUSY GIVING THEMSELVES
HIGH-FIVES WHEN THE PRICE OF GAS
DROPS.
WHEN IT GOES UP, THEY SHOULD
TAKE RESPONSIBILITY FOR THAT.
THEY SHOULD TAKE THE BLAME, AND
THEY NEVER, EVER WILL.
BUNCH OF BAD ACTORS AND A BUNCH